PISAR: what changed
Two fiscal years side by side, explained: what moved most in the balance sheet and the result, why the result rose or fell, and where the money went.
PISAR
Largest movements
- Tangible fixed assets -€154,150
down €154,150 (-5.5%), from €2.8m to €2.7m
of which Land and buildings: -€148,174
- Reserves +€156,681
up €156,681 (+11.6%), from €1.4m to €1.5m
of which Distributable reserves: +€194,849
- Profit (loss) carried forward -€100,000
down €100,000 (-50.0%), from €200,000 to €100,000
- Debts after one year -€88,305
down €88,305 (-17.5%), from €504,562 to €416,257
- Other debts -€44,365
down €44,365 (-30.5%), from €145,378 to €101,014
- Gross operating margin -€326,787
down €326,787 (-51.2%), from €638,388 to €311,602
- Taxes -€144,494
down €144,494 (-61.8%), from €233,940 to €89,445
- Financial income +€20,641
up €20,641 (+61.0%), from €33,817 to €54,458
- Depreciation +€14,634
up €14,634 (+16.1%), from €91,071 to €105,705
From the 2024 result to the 2025 result
Each bar is the change in one income-statement line, as its effect on the result: higher costs pull it down, higher income lifts it.
Cash bridge derived
Derived from the 2024 and 2025 balance sheets and the 2025 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €3,684,400 | €3,597,201 | -€87,199 | -2.4% |
| Fixed assets | 21/28 | €2,815,377 | €2,661,227 | -€154,150 | -5.5% |
| Tangible fixed assets | 22/27 | €2,815,377 | €2,661,227 | -€154,150 | -5.5% |
| Land and buildings | 22 | €2,795,073 | €2,646,899 | -€148,174 | -5.3% |
| Plant, machinery and equipment | 23 | €4,453 | €3,015 | -€1,438 | -32.3% |
| Furniture and vehicles | 24 | €15,851 | €11,313 | -€4,538 | -28.6% |
| Current assets | 29/58 | €869,023 | €935,974 | +€66,951 | +7.7% |
| Amounts receivable within one year | 40/41 | €0 | €13,919 | +€13,919 | |
| Trade receivables | 40 | €0 | - | = | |
| Other amounts receivable | 41 | - | €13,919 | +€13,919 | |
| Current investments | 50/53 | €850,064 | €875,531 | +€25,466 | +3.0% |
| Cash at bank and in hand | 54/58 | €7,712 | €41,881 | +€34,170 | +443.1% |
| Deferred charges and accrued income | 490/1 | €11,247 | €4,643 | -€6,604 | -58.7% |
| Total equity and liabilities | 10/49 | €3,684,400 | €3,597,201 | -€87,199 | -2.4% |
| Equity | 10/15 | €2,735,330 | €2,792,011 | +€56,681 | +2.1% |
| Contributions | 10/11 | €1,182,088 | €1,182,088 | = | 0.0% |
| Reserves | 13 | €1,353,242 | €1,509,923 | +€156,681 | +11.6% |
| Tax-exempt reserves | 132 | €493,107 | €454,939 | -€38,168 | -7.7% |
| Distributable reserves | 133 | €860,135 | €1,054,983 | +€194,849 | +22.7% |
| Profit (loss) carried forward | 14 | €200,000 | €100,000 | -€100,000 | -50.0% |
| Provisions and deferred taxes | 16 | €164,369 | €151,646 | -€12,723 | -7.7% |
| Deferred taxes | 168 | €164,369 | €151,646 | -€12,723 | -7.7% |
| Amounts payable | 17/49 | €784,701 | €653,544 | -€131,157 | -16.7% |
| Amounts payable after more than one year | 17 | €504,562 | €416,257 | -€88,305 | -17.5% |
| Financial debts | 170/4 | €504,562 | €416,257 | -€88,305 | -17.5% |
| Amounts payable within one year | 42/48 | €274,145 | €231,668 | -€42,477 | -15.5% |
| Current portion of amounts payable after more than one year | 42 | €86,448 | €88,305 | +€1,857 | +2.1% |
| Trade debts | 44 | €101 | €132 | +€30 | +29.7% |
| Suppliers | 440/4 | €101 | €132 | +€30 | +29.7% |
| Taxes, remuneration and social security | 45 | €42,218 | €42,218 | = | 0.0% |
| Taxes | 450/3 | €42,218 | €42,218 | = | 0.0% |
| Other amounts payable | 47/48 | €145,378 | €101,014 | -€44,365 | -30.5% |
| Accrued charges and deferred income | 492/3 | €5,994 | €5,619 | -€375 | -6.3% |
| Non-recurring operating income | 76A | €494,763 | €177,979 | -€316,784 | -64.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €91,071 | €105,705 | +€14,634 | +16.1% |
| Other operating charges | 640/8 | €15,914 | €11,883 | -€4,031 | -25.3% |
| Gross operating margin | 9900 | €638,388 | €311,602 | -€326,787 | -51.2% |
| Operating profit (loss) | 9901 | €531,404 | €194,013 | -€337,390 | -63.5% |
| Financial income | 75/76B | €33,817 | €54,458 | +€20,641 | +61.0% |
| Recurring financial income | 75 | €33,817 | €54,458 | +€20,641 | +61.0% |
| Financial charges | 65/66B | €11,941 | €15,068 | +€3,127 | +26.2% |
| Recurring financial charges | 65 | €11,941 | €15,068 | +€3,127 | +26.2% |
| Profit (loss) for the period before taxes | 9903 | €553,280 | €233,404 | -€319,876 | -57.8% |
| Transfer from deferred taxes | 780 | €40,999 | €12,723 | -€28,276 | -69.0% |
| Income taxes | 67/77 | €233,940 | €89,445 | -€144,494 | -61.8% |
| Profit (loss) for the period | 9904 | €360,339 | €156,681 | -€203,658 | -56.5% |
| Transfer from tax-exempt reserves | 789 | €122,996 | €38,168 | -€84,828 | -69.0% |
| Profit (loss) for the period to be appropriated | 9905 | €483,335 | €194,849 | -€288,486 | -59.7% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 6 October 2026 via checked.be.